Smart Factory Market Surpasses US$ 127.2 Bn in 2022
Witnessing stupendous growth in the recent past, smart factory projects have been performing well on the back of rising adoption of analytics and cyber security tools. The global smart factory market value surpasses US$ 127.2 Bn in 2022. A new Future Market Insights (FMI) study has projected a solid double-digit growth for the market during forecast period, 2022 – 2030.
The worldwide coronavirus (COVID-19) pandemic has triggered considerable downturn across industries, particularly smart factory market. Deployment of smart technologies could be beneficial in breaking the pattern of the virus. However, massive slowdown in the manufacturing sector, especially in Asia, has strained economic activities across various industrial domains.
These factors are constantly putting pressure on smart factory market and would adversely affect the market supply chain.
Key Takeaways of Smart Factory Market Study
- Software demand will grow at a significant CAGR throughout the forecast period.
- Among software components, distributed control systems hold a leading market share as they are widely used in factories for monitoring and controlling various processes.
- Discrete industry remains key revenue generator in smart factory market and would maintain the trend through 2030.
- Business partnerships help increase revenue, and new innovations in IT domain are enabling smart factory solution providers reach new potential customers, globally.
To sustain extreme competition, a majority of companies are adopting data-driven technologies such as Big Data analytics, intelligent automation, AI, and sensor technologies. Data-driven technologies offer an opportunity in transformation of existing manufacturing paradigm to smart manufacturing. Further, they empower companies to craft new strategies to gain leading edge.
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Industry 4.0 and Technological Advancements Boost Adoption of Smart Technologies
Advantages such as cost efficiency and enhanced productivity have led to upsurge in adoption of smart factory technologies. In addition, technological advancements have diminished the boundaries between the digital (cyber) and physical factory infrastructure. Intelligent interconnected systems seamlessly support activities along the entire value chain in factories.
Governments worldwide are promoting and supporting the Industry 4.0 revolution. Further, they are encouraging entrepreneurs and small & medium enterprises (SME) to create innovative products by using robotics, AI and big data analytics.
A comprehensive view of the smart factory market reveals that the market is escalating at a significant rate owing to growing demand for real-time analytics to deliver personalized ads.
Smart factory market in regions such as East Asia and Europe is anticipated to grow at high rates during the forecast period, owing to increased adoption of smart factory solutions and tools across various industries. Alliances with other providers, along with regional expansion, are some strategies opted by key players in these regions to fuel market growth.
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Smart Factory Market by Component :
- Smart Factory Hardware
- Sensors
- Industrial Robots
- Machine Vision Systems
- Industrial 3D Printing
- Smart Factory Software
- Human Machine Interface
- Product Life Cycle Management
- Distributed Control System
- SCADA
- ERP
- Others
- Smart Factory Services
- Integration & Deployment
- Consulting
- Support & Maintenance
Smart Factory Market By End User :
- Discrete Industry
- Process Industry
Smart Factory Market By Industry Vertical :
- Smart Factories for Automotive
- Smart Factories for Aerospace & Defence
- Smart Factories for Electrical & Electronics
- Smart Factories for Food & Beverages
- Smart Factories for Energy & Utilities
- Smart Factories for Healthcare & Pharmaceuticals
- Others
Smart Factory Market By Region :
- North America Smart Factory Market
- Latin America Smart Factory Market
- Europe Smart Factory Market
- East Asia Smart Factory Market
- South Asia & Pacific Smart Factory Market
- Middle East & Africa (MEA) Smart Factory Market
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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